Real Estate & Construction

If you are preparing to move to a new home, you may be focused on meeting your requirements to obtain financing for a new home mortgage, packing up your belongings, and getting ready for your move. However, if you will also be selling your current home, you will want to make sure you can receive a good price while also avoiding any complications that could affect the sale. Preparing Your Home For Sale As you prepare to sell your home, taking the following steps will help you get the best return on your investment and ensure that you can…
On April 14, 2021, Jeremy will present “Seeing the Big Picture: Best Practices for Contracting and Risk Management” in the Construction Management Association of America (CMAA) and American Bar Association (ABA) Forum on Construction Law. This presentation focuses on how you can protect your project with carefully crafted contract requirements and a better understanding of construction insurance. The link to Jeremy’s Slide Deck is below. ACCESS SLIDE DECK HERE
Illinois Truck Accident Wrongful Death Actions Fatal truck collisions are a rather common occurrence on Illinois’ highways and roads. Trucking companies are responsible for vetting their drivers, adhering to local and federal laws, and encouraging safe trucking. Tragedies may occur when trucking companies or drivers fail to follow those standards. If a loved one has died as a result of another person’s or company’s negligence, you as a beneficiary may be entitled to compensation under the law. In any event, a fatal truck accident can be difficult to resolve. This makes consulting an experienced attorney the best course of action if you are…
UPDATE: If you are considering reinstatement as an option for avoiding foreclosure, you will want to be sure to understand your rights, the deadlines that you will need to meet, and what other options may be available. The deadline for reinstating your loan is 90 days after you were served with a foreclosure notice. By this deadline, you will be required to make up the missed payments and pay other fees and expenses. In addition to late fees, you may need to pay other costs related to foreclosure proceedings, such as attorney’s fees, recording fees, court costs, and the costs of…
The only constant in life is change, and usually after a significant change, an individual may face the strenuous task of adjusting their estate plan. An estate plan may consist of a revocable trust, a will, or powers of attorneys. Below are the following ways in which an individual may revoke each of the following documents: How do you revoke a Revocable Trust? A revocable trust is a financial entity that allows the individual who creates it, also known as the grantor, to change, remove, or alter such assets. This alteration can be done at any point during the grantor’s…
A residential real estate transaction can be very complicated, and both buyers and sellers will need to meet multiple different types of requirements to ensure that ownership of the property can be transferred on the closing date. In some cases, issues related to the home’s title may be uncovered, and these will need to be dealt with before the transaction can be completed. By working with an experienced real estate attorney, buyers and sellers can determine their best options for addressing these concerns. Resolving Property Liens A lien gives a person or organization the right to foreclose on a property…
Do I Need an Irrevocable Trust? We are often asked by potential clients whether it makes sense to create an irrevocable trust. An irrevocable trust is a trust that is set up for a specific purpose and cannot be undone under most circumstances. Therefore, it is a permanent trust until the trust purpose has been fulfilled and it can be closed out. The vast majority of people do not need irrevocable trusts, but for some, they can be extremely beneficial. There are two main purposes of establishing an irrevocable trust, namely creditor avoidance and tax avoidance. Irrevocable Trust Creditor Avoidance…
During these unprecedented times, it is normal for you to want to take every necessary measure to make sure your family is always prepared. Imagine not being able to make legal decisions for your child going away to college. Without a power of attorney (POA), a parent cannot handle certain matters on behalf of their college student. What exactly is a power of attorney? A power of attorney (POA) is a document that allows you to assign a person or entity to manage your college student’s property, financial, or medical affairs when they become unable to do so. In case…
When a family experiences financial difficulties, they may be unable to make mortgage payments, which may cause their lender to begin the process of foreclosure. While the possibility of losing a home can be hard enough for a family, in some cases, they may be required to make additional payments even after the foreclosure process is completed. If the sale of a home during foreclosure does not fully cover the amount owed on the mortgage, a lender may pursue a deficiency judgment against the borrower and attempt to collect the remaining amount. However, borrowers have a number of options…
At Newland & Newland, LLP, we regularly publish blogs that provide people with helpful information about financial issues that may affect them. Whether we are looking at how individuals or businesses can file for bankruptcy, the process of buying or selling residential real estate property, or the options for homeowners who are facing foreclosure, we want to let people know how they can address their legal concerns. We wanted to highlight some of the blogs that were most popular with our readers in 2020: What is Chapter 22 Bankruptcy? – While “Chapter 22” is not an official part…
Any family can experience financial difficulties that cause them to be unable to pay some or all of their ongoing expenses. Those who are struggling to make ends meet may face the possibility that they could default on their home mortgage, which could result in foreclosure. Fortunately, families in these situations have options, including applying for loan modifications that may reduce the amount of their payments and ensure that they can cover these and other regular costs. Homeowners will want to understand their options for modifying a mortgage loan and the steps they can take to ensure that these…
  In Lake County, property taxes are some of the highest in the country. Every homeowners’ tax bill gets recalculated every year. Thankfully, you can take steps to try and lower your tax bill by appealing. Filing a tax appeal can be intimidating, but it’s a crucial step towards potentially lowering your tax bill in a given year. Let’s go over how the property tax system works in Lake County and the steps you can take to try and lower your tax bill. How Lake County Property Taxes Work The property tax assessment and appeal process can be confusing. There…
Some of the scariest risks I have helped clients address – in terms of potential claim value, meeting exacting performance requirements, and the inability to transfer risk by contract – relate to “accessibility standards,” like Americans with Disabilities Act (ADA) and Fair Housing Act (FHA).  Some of the largest dollar value claims I have defended – setting aside those arising from “mega projects” costing north of $500M to $1B-plus, which throw off enormous claims due to the sheer dollars involved – have involved defending clients from allegations of ADA and FHA violations. The Big Misconception: Liability for Accessibility Claims is…
Homeowners who encounter financial difficulties can sometimes struggle to make mortgage payments. Unfortunately, if a person defaults on their mortgage, their lender may begin foreclosure proceedings, which could ultimately result in the loss of their home. Those who are having trouble meeting their financial obligations will want to understand the foreclosure process and the potential defense strategies that may be available. Steps Followed in a Foreclosure A homeowner will be considered to have defaulted on their mortgage if they fail to make payments on time or in full. After the first missed payment, a person may receive notification from their…
If you are planning to buy a new home, you will need to address a wide variety of issues, including securing financing and resolving any concerns uncovered during a home inspection. As you work to complete the necessary requirements to obtain approval for a home loan, you should be sure to understand the various costs that you may be required to pay at the time of your home closing. This can help you avoid any unexpected financial issues and ensure that you will be able to move into your new home without any problems. Understanding Closing Costs There…
If you are planning to buy a home, you will be looking for the best ways to find a property that meets your needs and that you can afford. In some cases, sellers may be looking to complete a short sale in which they will sell their home for less than the total amount owed on their mortgage. While this type of arrangement may provide some savings, buyers should be aware of the potential issues that may arise during this type of transaction, as well as the unexpected costs or delays they may encounter. 3 Potential Drawbacks of Buying…